Introduction
There's an apocryphal Chinese saying – “May you live in interesting times.”
The beginning of 2015 saw unprecedented lows in global oil prices. Combined with this were various geopolitical developments, including the slowdown of the Chinese economy, continued extremism and violence in the Middle East, and Europe's ongoing battle with recession. On the brighter side, there was the news of improved outlook for U.S. economy. In summary, these events and developments toward the end of 2014 provide a potent environment for an extremely volatile 2015. Interesting times, indeed.
Based on these cues and other global economic and business triggers, GEP has identified major trends that will shape and drive procurement strategies in 2015 and beyond. We also outline the key focus areas and priorities for CPOs and procurement teams for the next 12 months.